General Knowledge(GK) (or) General Awareness

Welcome to the General Knowledge Section of Free Time Learning. As we are aware General Knowledge (GK) is a very important area in all the competitive exams held in the country. Nowadays, a good knowledge of general awareness is very important in clearing any competitive and government recruitment examinations.

These General Knowledge Question are very important and usefull to UPSC, IAS/PCS, UPPSC, IBPS, SBI, RBI, SSC, CGL, Railway, APPSC, TSPSC, KPSC, TNPSC, TPSC, UPPSC, MPSC, RPSC, BPSC, MPPSC, UKPSC, MPSC, and other competitive exams.

1 .
A life insurance policy which pays out the sum insured under such scenarios death and survival of the insured person is known as
A)
Annuity policy
B)
Endowment policy
C)
Term insurance policy
D)
Whole life policy

Correct Answer :   Endowment policy

Published On : May 20, 2021
2 .
GDP is
A)
nation's total economic activity
B)
value of all finished goods produced in one year by its nationals
C)
value of goods and services produced in an area, industry or sector of an economy
D)
capital that has been consumed over the year in the form of housing, vehicle or machinery deterioration

Correct Answer :   value of goods and services produced in an area, industry or sector of an economy

Published On : May 20, 2021
3 .
The Reserve Bank of India has adopted star series numbering system for replacement of the
A)
Defectively printed banknotes
B)
Altered and shrunk banknotes
C)
Washed and mutilated banknotes
D)
Dirty and soiled banknotes

Correct Answer :   Defectively printed banknotes

Published On : May 20, 2021
4 .
A closed economy is an economy in which
A)
the money supply is fully controlled
B)
deficit financing takes place
C)
only exports take place
D)
neither exports nor imports take place

Correct Answer :   neither exports nor imports take place

Published On : May 20, 2021
5 .
If price of any commodity decreased by 20% and the demand for that commodity increased by 40%, then elasticity of demand would be
A)
Unit elastic
B)
Highly elastic
C)
Perfectly elastic
D)
Perfectly inelastic

Correct Answer :   Highly elastic

Published On : May 20, 2021
6 .
What is the 'fundamental promise of Economics',
A)
Natural resources will always be scarce
B)
No matter what the circumstance individual choice always involve a trade off
C)
Individuals choose the alternative for which they believed the net gains to be the greatest
D)
Individuals are capable of establishing goals and acting in a manner consistent and achievement of those goals

Correct Answer :   Individuals choose the alternative for which they believed the net gains to be the greatest

Published On : May 20, 2021
7 .
Which of the following concepts is considered as a myth
A)
Oligopoly
B)
Monopoly
C)
Perfect competition
D)
Imperfect competition

Correct Answer :   Perfect competition

Published On : May 20, 2021
8 .
Which of the following is correct Statement
A)
A firm is price-taker under perfect competition
B)
The short-run supply curve has a negative slope
C)
Under perfect competition a firm determine its price where AR = MR
D)
In perfect competitive industry a firm is in equilibrium in the short run only when its AC = AR = MR = MC

Correct Answer :   A firm is price-taker under perfect competition

Published On : May 20, 2021
9 .
Special Economic Zones are being set up in
A)
Agra, Kanpur and Modinagar
B)
Agra, Kanpur and Greater Noida
C)
Meerut, Moradabad, Kanpur and Noida
D)
Moradabad, Kanpur, Noida and Greater Noida

Correct Answer :   Agra, Kanpur and Greater Noida

Published On : May 20, 2021
10 .
The Employees State Insurance Act is applicable to all those factories which employ
A)
5 or more employees
B)
10 or more employees
C)
15 or more employees
D)
20 or more employees

Correct Answer :   10 or more employees

Published On : May 20, 2021
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